Amid the controversy of government’s policies over financial road maps and weak economic growth, India stood tall to become the 5th largest economy in the world, said a survey. American World Population Review report has said that India has outdone countries like Britain and France with a $ 2.94 trillion economy in terms of developing into an open-market economy from its previous autarkic policies.
2.94 trillion $ economy
A US-based research organization named as World Population Review has said that India became the fifth largest economy by overtaking countries like the UK and France.
“The country is growing into an open-market economy from its past autarkic policies. India’s economic liberalization started in the early 1990s and introduced industrial deregulation, decreased control on foreign trade and investment, and privatization of state-owned enterprises. These standards have helped India stimulate economic growth,” said the report.
India is the fifth-largest in the world with a GDP of USD 2.94 trillion. This development has left behind major countries like UK and France whose economies are USD 2.83 trillion USD 2.71 trillion respectively.
Not just that, the report also added that in purchasing power parity (PPP) terms, India’s GDP (PPP) is USD 10.51 trillion, surpassing that of Japan and Germany. Because of India’s large population, India’s GDP per capita is USD 2,170 (for contrast, the US is USD 62,794).
However, the bad news is India’s real GDP growth is expected to weaken for the third straight year from 7.5 percent to 5 percent. There are a couple of problems with the economy. Meanwhile, Prime Minister Narendra Modi wants to replicate China’s economic growth and aims to make India a $5 trillion economy by 2024.